310.1.2 Task 1 Part a

In: English and Literature

Submitted By ngold1968
Words 1901
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Sole Proprietorship * Liability – Sole Proprietorship offers unlimited liability which states that you as the owner are solely responsible for all debts from your personal assets. You can lose not only the money initially invested in the business but also personal assets. * Income Taxes – Due to you being the sole owner there is no separate business income tax filing for a business under Sole Proprietorship. Business income or loss is reported on the sole proprietor’s personal tax return, and any tax is paid at the individual level. * Longevity / Continuity - The Sole Proprietor is the sole owner, with no partners in the business, if the Sole Proprietor becomes disabled, retires or dies the business is dissolved. A business operated under Sole Proprietorship does not offer the perpetual existence of a corporation. * Control – Control of a business that is under sole proprietorship falls under the sole owner. Under a Sole Proprietorship you are not permitted to bring in any business partners, if you do then this would become a General Partnership Business. * Profit Retention – All profits gained under Sole Proprietorship belong to you the owner. However, you are also responsible for any bills incurred prior to any profit being taken. * Location - Expanding or moving a business that is under “Sole Proprietorship” is not very complicated. To move, you register your name or the business’ name to the state you are moving to. The only rule for a business that is operating under Sole Proprietorship is that it must be formed in the United States. Using a Doing Business As “DBA” name allows a Sole Proprietor to legally do business under a name other than their full name. * Convenience - The biggest convenience of having Sole Proprietorship of a business is the autonomy which allows you to set your own hours and do what you want.
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